Brava Energia Sa · BMFBOVESPA:BRAV3
Brava Energia Sa — Q4 2024 Earnings Presentation
29 slides from Brava Energia Sa's earnings presentation, Mar 21, 2025
Slide 1: BRAV3 Results Presentation 4Q24
BRAV3 | Results Presentation | 4Q24 1
Slide 2: Disclaimers
Disclaimers This presentation may contain forward-looking statements about future events that are not based on historical facts and are not guarantees of future results. These forward-looking statements only reflect the Company's current views and estimates of future economic circumstances, industry
Slide 3: 2024 and 4Q24: A remarkable year in numbers and strategic milestone
2024 and 4Q24 | A remarkable year in numbers and strategic milestone 56 kboe/d R$ 505MM US$ 17.5 Onshore average daily production in 2024¹ adjusted EBITDA in 4Q24 Lifting cost (US$ 16.3 lifting cost at Ready to excl. Atlanta charter cost) US$16,9 R$ 3.5bi gain scale in 2025 Record production in Feb/
Slide 4: Starting 2025 with strategy and operation execution on track
Starting 2025 with strategy and operation execution on track Production ramp-up ongoing aligned to 2025 business plan Onshore Capex efficiency directed to higher return assets 1 Potiguar Synergies delivered according with merger plan 2 Recôncavo De-leveraging and liability management executi
Slide 5: Governance Structure: Offshore leadership transition
Governance Structure | Offshore leadership transition Décio Oddone Rodrigo Pizarro Pedro Medeiros Jorge Boeri Carlos Mastrangelo Carlos Travassos CEO CFO & IRO Chief M&A, Trading and COO Onshore COO Offshore Non-statutory Director¹ Mid & Downstream Mr. Travassos has 39 years of experience across Pet
Slide 6: Operations Highlights
Operations Highlights 6
Slide 7: Proforma historical total production: Cluster breakdown
Proforma historical total production | Cluster breakdown Production rebounds in 1Q25, ramping up towards to full capacity Operations milestones in 1H25: (i) 4 new wells to connect with FPSO Atlanta; (ii) improvements in Papa-Terra; (iii) resume Manati production; and (iv) onshore steam injection
Slide 8: Offshore
Offshore Atlanta Papa-Terra Peroá Parque das Conchas Manati Pescada & Ubaraba 8
Slide 9: Offshore Portfolio: Scale & Efficiency
Offshore Portfolio | Scale & Efficiency Atlanta ~26kboe/d (100% stake) in Feb/25 with 2 wells producing. More 4 wells to be connected that together produced more than ~20 kboe/d through the provisional production system; Papa-Terra: ~15kboe/d (100% stake) in Fev/25. Production to improve in 1H25
Slide 10: Atlanta: New production platform ramping up
Atlanta | New production platform ramping up BRAVA became the 1st independent oil and gas company in Brazil to fully develop a deepwater greenfield production system; Atlanta field had a provisional system that was replaced by the FPSO Atlanta in December 2024; 4 wells with proved potential to
Slide 11: Atlanta of the future: From provisional to built-to-suit system
Atlanta of the future | From a provisional production system to a built to suit one FPSO Petrojarl I FPSO Atlanta Provisional production system Atlanta definitive system 3+2+2 years of contract 15+5 year of contract Capacity overview: Production 20-30 kbbl/day 50 kbbl/day Storage 0.18 Mbbl 1,3 Mbbl
Slide 12: Papa-Terra Update: Focus in uptime, restart of wells and 2 new wells
Papa-Terra Update | Focus in uptime, restart of 3 wells and drilling of 2 new wells Starting in March the projects to enhance oil treatment and gas production management that will support production and the restart of all wells in 1S25; Approved the drilling of two new wells: PPT-52 and PPT-53 w
Slide 13: Parque das Conchas: Diversification and growth
Parque das Conchas | Diversification and growth Heavy oil field in Block BC-10 located in Campos Basin operated by Shell with 50% working interest; Parque das Conchas produced ~25 kboe/d in the last 12 months. Consortium Structure 50% 27% 23% BC-10 Parque das Conchas Key Metrics: Located in Ca
Slide 14: Onshore & Mid/Downstream
Onshore & Mid/Downstream Potiguar Recôncavo Resultados 3T24 14
Slide 15: Onshore: Resilience & efficiency
Onshore | Resilience & efficiency The segment shows resilience as the Capex efficiency program is being implemented; Focus on improve uptime while reducing the number of onshore rigs in use in 2025; Steam injection project is being deployed to support production growth in 2025; February mark
Slide 16: Onshore: Efficiency and Growth
Onshore | Efficiency and Growth Lower capex and Steam Injection and Water New heavy oil recovery optimize rig efficiency treatment capacity expansions pilots in 2025 Onshore efficiency plan on track: Projects to unlock production on track: Pilot projects to enhance heavy oil recovery: Capex
Slide 17: 4Q24 Commercial Highlights
4Q24 Commercial Highlights 17
Slide 18: Trading: Leveraging on combined portfolio
Trading | Leveraging on combined portfolio New offtake contracts in Atlanta (Shell and Trafigura) aiming at co-loading opportunies to service low-sulphur fuel oil markets New 2-year model for crude oil purchases from Potiguar suppliers with 25% change in spreads and oil product margin sharing
Slide 19: Merger synergies on schedule
Merger synergies on schedule Synergies by type (US$MM) US$100-150 US$800 – 1,1bn First stage to unlock synergies completed in Synergies implemented or in an 2024: advanced stage of implementation US$100-150 Optimization of operations and corporate teams US$250-350 Prepayment of credit lines wi
Slide 20: 4Q24 Financial Highlights
4Q24 Financial Highlights 20
Slide 21: 4Q24 Net Revenues
4Q24 Net Revenues Quarter proforma historical results (R$MM & US$MM) Macro Aspects Brent Average Price (US$) R$ 3.129 R$ 2.824 83,2 84,9 80,3 74,7 R$ 2.194 R$ 1.950 1Q24 2Q24 3Q24 4Q24 Avg. FX | BRL/US$ $570 $600 $396 $334 5,84 5,54 5,21 4,95 1Q24 2Q24 3Q24 4Q24 1Q24 2Q24 3Q24 4Q24 12M Comparison 4Q
Slide 22: 4Q24 & 2024 Upstream Net Revenues: Onshore resilience on display
4Q24 & 2024 Upstream Net Revenues | Onshore resilience on display Quarter proforma historical results 12 months 4Q24 confirms the strength of Brava portfolio: Onshore vs. Offshore Comparison (R$MM) (R$MM) mixing onshore resilience with offshore growth potential in the coming years; 7.347 Offshor
Slide 23: 4Q24 Consolidated Adjusted Proforma EBITDA
4Q24 Consolidated Adjusted Proforma EBITDA 4Q24 upstream adjusted EBITDA margin of 41,0%. Total adjusted EBITDA reached 25.9% in 4Q24. Onshore is a highlight in 4Q24, reaching 57.3% margin EBITDA boosted by higher production and cost discipline; Brava has the most competitive EBITDA per barrel
Slide 24: Lifting Cost: Onshore segment efficiency on display in 4Q24
Lifting Cost | Onshore segment efficiency on display in 4Q24 Brava Lifting Cost (US$ / boe ) Lifting cost improved in 4Q24 reflecting the positive impact from onshore Atlanta Charter cost 22,6 Onshore: Recôncavo registered the lower lifting cost since 20,0 18,5 1,9 17,5 takeover, driven by optimiz
Slide 25: Capex: Main projects delivered in 2024 and ready to reduce capex pace in 2025
Capex | Main projects delivered in 2024 and ready to reduce capex pace in 2025 Quarter Breakdown Annual Breakdown Upstream Capex (US$ MM) (US$ MM) breakdown in 2024 (%) Onshore + Midstream 0,9% Offshore 952 292 283 8% 69 222 680 333 15% 90 20% WI in Atlanta 873 Pre-Sale to 156 Westlawn 105 263 Atlan
Slide 26: Capital Structure end of 2024
Capital Structure end of 2024 Indebtedness | end of 4Q24 Debt Amortization Profile (US$ MM) (US$ MM) 718 2.541 984 74 536 391 1.948 402 1.557 BRL Instruments 84 1.462 USD Instruments 528 333 295 305 Portfolio Obligations 237 19 127 148 152 228 83 83 43 19 67 47 64 125 115 21 62 58 Gross Cash and cas
Slide 27: Cash Flow & Hedge
Cash Flow & Hedge Cash Flow | 4Q24 (R$ MM) operating activities financing activities investing activities Cash consumption due to lower cash 9.000 8.000 922 generation in offshore assets with the 7.000 167 (227) (42) 241 (74) stoppage in Papa-Terra and the delay in 167 (1.440) 6.000 (3) approval f
Slide 28: Ready for 2025 after achieve all targets set for 4Q24
Ready for 2025 after achieve all targets set for 4Q24 4Q24 Targets Resume Papa-Terra production Short Term goals: Start FPSO Atlanta production Atlanta: connection of 4 wells in Atlanta in Corporate optimization to start to Medium term and key messages: 1H25 (which already produced ~20kbbl/d
Slide 29: 4Q24 Q&A
4Q24 Q&A 3Q24 Financial & Commercial Highlights